Cloudberry Annual report 2022 Financial statements 142 The table shows the summarized investments in associated companies included in the Groups balance sheet as of 31 December 2022 Name of Entity Place of business Consolidated economic interest per 31.12.22 Segment Princippal Activities Forte Energy Norway AS with SPV's. Assosiated company Norway 34.0% Production Hydro power Odal Vind AS Assosiated company Norway 33.4% Production Wind power under construction Stenkalles Holding AS Joint Venture Sweden 50.0% Development Offshore wind with construction permit Proxima Hydrotech AS Assosiated company Norway 33.3% Operations Management hydro Forte Energy Norway AS (Forte) Forte was acquired by the Group in November 2020. Forte owns 14 producing hydro power assets and one power offtake agreement in Norway, with a combined normalized annual production of 87 GWh net to Cloudberry. The hydro power assets have an average license life of minimum 50 years. Odal Vind AS (Odal) Odal was first acquired in December 2020 with 15% ownership, and further increased its ownership to 33.4% in July 2021. The other owners of Odal Vind AS are Akershus Energi Vind AS and KLP, owning 33.4% and 33.2% respectively. Odal windfarm has been constructed during 2021 and 2022 and is now finished and was in full production from second half of 2022. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and the remaining concession is 29 years. Stenkalles Holding AS (Stenkalles) Stenkalles Holding AS includes two Swedish subsidiaries owning the Stenkalles Grund project. The Stenkalles Grund project is a 100 MW shallow-water wind project in the lake of Vänern in south-central Sweden (SE3). 50% of the project was sold to Hafslund Vekst AS in September 2022, bringing them in as a joint partner. Together the parties will work towards a final investment decision (FID) for the project. The 50% ownership is now accounted as a joint venture.
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